Ryan Dunn

By DAILY MAIL REPORTER

Work in progress: Johnny Depp is believed to have bought the Palazzo Donà Sangiantoffetti in Venice for £8.58million

Johnny Depp has bought a £8.58million palazzo in Venice after falling in love with the city last year.

The actor, 47, spent several months in the Italian tourist hotspot while filming The Tourist with co-star Angelina Jolie last year.

And it appears he was so taken with the City of Bridges, he won a bidding war for the 17th century Palazzo Dona Sangiantoffetti.

Stunning location: The Palazzo overlooks the Grand Canal and is situated in the Santa Croce area of Venice

According to local newspaper La Nuova Venezia, the Hollywood star outbid an Arab prince for the empty building for 10million euros.

The Palazzo is one of the only available buildings overlooking the Grand Canal and is situated in the Santa Croce area of Venice, not far from the Santa Maria Mater Domini Church.

While it needs some restoring, it includes high decorated ceilings, a roof platform and ornate columns.

Low-key: The entrance to the palazzo suggests it's in need of some restoration work

The palazzo would be a holiday home for Depp, his French singer/actress partner Vanessa Paradis and their two children Lily-Rose, 11, and Jack, eight.

During his promotional tour for The Tourist, Depp spoke highly of his love for the City Of Bridges.

He admitted he loved walking through the quiet alleys late at night when the paparazzi who photographed him and Jolie filming during the day had gone home.

Property portfolio: Johnny Depp and partner Vanessa Paradis already own several homes across the world

He enthused: 'My experience of Venice really happened between 10pm and 2am when the streets closed and I was able to walk around and experience the poetry of Venice, the ghosts of Venice, all those wonderful dark alleys.

'For an actor being able to film within the confines of that magical city certainly helps... The city's magic shone through completely.'

The Venice home is just the latest addition to Depp's property portfolio.

Although based at a 50 acre farmhouse in France, the Depp family also own homes in Hawaii, West Hollywood, Somerset and a 45 acre island in the Bahamas.